The China Banking Regulatory Commission has begun its first major organizational restructuring, an effort that will include the opening of a new office called the Non-bank Financial Institutions Supervision Department intended to regulate the country’s booming investment trust industry, Caixin reported, citing a plan released by commission. Devoting an office to investment trusts is necessary because it has almost RMB13 trillion (US$2.093 trillion) in assets, trailing only the banking industry, a commission official said. The restructuring, which will also open an office to oversee city commercial banks, urban credit unions and privately owned banks, will be completed by the end of February.
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